Sable Offshore (NYSE:SOC) COO James Caldwell Flores Sells 39,311 Shares of Stock

Sable Offshore Corp. (NYSE:SOC) COO James Caldwell Flores sold 39,311 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $13.56, for a total value of $533,057.16. Following the completion of the transaction, the chief operating officer directly owned 562,740 shares in the company, valued at approximately $7,630,754.40. This represents a 6.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

James Caldwell Flores also recently made the following trade(s):

• On Tuesday, March 31st, James Caldwell Flores sold 279,081 shares of Sable Offshore stock. The stock was sold at an average price of $16.69, for a total value of $4,657,861.89.

Sable Offshore Trading Up 2.9%

NYSE SOC opened at $14.34 on Friday. The stock’s 50 day moving average is $13.96 and its 200 day moving average is $10.49. Sable Offshore Corp. has a 12 month low of $3.72 and a 12 month high of $35.00. The stock has a market cap of $2.11 billion, a PE ratio of -3.41 and a beta of -0.10.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings results on Friday, February 27th. The company reported ($0.39) EPS for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.20. On average, analysts forecast that Sable Offshore Corp. will post 1.47 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on SOC shares. Wall Street Zen raised Sable Offshore from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. Benchmark reaffirmed a “hold” rating on shares of Sable Offshore in a research note on Thursday, March 5th. Jefferies Financial Group reduced their price objective on Sable Offshore from $30.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, April 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sable Offshore in a research note on Friday, April 24th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $18.00.

Sable Offshore News Roundup

Here are the key news stories impacting Sable Offshore this week:

• Neutral Sentiment: Anthony Duenner (insider) sold 39,312 shares on April 29 at an average $13.56 (≈ $533,071) and 40,743 shares on April 28 at $13.33 (≈ $543,104). Post-sales he still owns a large stake (~590,864 shares before the later sale disclosures); the filings say the sales were to cover tax withholding on vested awards. Insider Sale – Duenner
• Neutral Sentiment: Gregory D. Patrinely (EVP) sold 39,311 shares on April 29 at $13.56 (≈ $533,057) and 40,743 shares on April 28 at $13.33 (≈ $543,104). After the transactions he still holds a substantial position; the SEC filing cites tax-withholding as the reason for the sales. Insider Sale – Patrinely
• Neutral Sentiment: James Caldwell Flores (COO) sold 39,311 shares on April 29 at $13.56 (≈ $533,057). The filing indicates the sale was executed to satisfy tax withholding obligations related to vested awards; he continues to hold a sizable stake. Insider Sale – Flores

Hedge Funds Weigh In On Sable Offshore

Several large investors have recently modified their holdings of the stock. Encompass Capital Advisors LLC increased its position in shares of Sable Offshore by 60.6% during the 4th quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after purchasing an additional 5,091,925 shares during the last quarter. Capital International Investors increased its position in shares of Sable Offshore by 542.6% during the 4th quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock valued at $104,564,000 after purchasing an additional 9,788,351 shares during the last quarter. Alyeska Investment Group L.P. increased its position in shares of Sable Offshore by 1,504.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after purchasing an additional 10,400,275 shares during the last quarter. FourWorld Capital Management LLC bought a new position in shares of Sable Offshore during the 4th quarter valued at approximately $73,113,000. Finally, Vanguard Group Inc. increased its position in shares of Sable Offshore by 64.9% during the 4th quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after purchasing an additional 2,975,712 shares during the last quarter. Institutional investors own 26.19% of the company’s stock.

About Sable Offshore

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.